Technical topics regarding tax preparation.
IF WIFE has 6k in foreign bank accounts
and husband has -0- in foreign bank accounts
but has signature power on a bank account with 20k in foreign currency
do they need to file fincen?
The husband is required to file an FBAR based on the facts presented. There is no information provided as to whether either spouse has any other filing requirements with FinCEN.
Preaching to the choir, but why do we have a $10,000 reporting threshold from eons ago without any inflation adjustment. Lots of money spent on useless reporting both for individuals and the govt. Further proof that there is no intelligent life in the D of C.
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